Bush Swears to Uphold Giant Tax Increase...

On the young and future generations, that is.
You see, if the Bush tax cuts are allowed to expire, our budget will be in surplus by 2012. But if they are made permanent, as he has vowed to do, we'll be facing deficits out the wazoo.

The long-term budget forecast is gloomier, particularly if Bush and Congress agree to extend the tax cuts. In 2016, the deficit would be nearly $400 billion. Beyond that, the costs of Medicare, Medicaid and Social Security are projected to rise to a level that “economic growth alone is unlikely to alleviate,” the report says. “A substantial reduction in the growth of spending, and perhaps a sizable increase in taxes as a share of the economy, will be necessary for fiscal stability to be at all likely in the coming decades.”

Obviously, if you're in your 20s, your tax-paying life will mostly take place "in the coming decades."